Wikipedia[1]: "The Whole Earth 'Lectronic Link, normally shortened to The WELL, was launched in 1985. It is one of the oldest continuously operating virtual communities. By 1993 it had 7,000 members, a staff of 12, and gross annual income of $2 million. A 1997 feature in Wired magazine called it "The world's most influential online community." In 2012, when it was last publicly offered for sale, it had 2,693 members. It is best known for its Internet forums, but also provides email, shell accounts, and web pages. Discussion topics are organized into conferences that cover broad areas of interest. User anonymity is prohibited."
Do people find it compelling really? 2,700 members is not that big a site in the modern internet, but they have a pay for social media service that has existed for a long time, so if you don't want to become a unicorn company or have wide appeal / access, it seems like it does work as a business model?
[1] https://en.wikipedia.org/wiki/The_WELL